Cars We Remember: Televised car auctions grow the hobby, attract new enthusiasts and create new trends

Greg Zyla More Content Now

Monday

Feb 11, 2019 at 7:45 AMFeb 11, 2019 at 7:45 AM

Q: Hi Greg and I enjoy your columns and also watching the Mecum and Barrett-Jackson auctions on TV. I remember you once said you felt that the prices paid on the TV auctions are sometimes higher than what the cars are worth based on the price guides. Can you please expand on this as I enjoy the TV shows and your opinions. What are your current feelings on the car auctions since that last column many years ago. - Mike B., Spokane, Washington

A: Mike thanks for the kind words. Up front, I’m going to say that both Mecum and Barrett-Jackson are doing fine and serve the great, growing collector car hobby/business. The many hours of enjoyable TV productions not only help the hobby in general, they help attract new enthusiasts that will attend car shows or, better yet, own a collector car or two themselves.

Further, I enjoy nothing more than watching these shows and taking in all of the great information and that special television “energy” that both Mecum and Barrett-Jackson deliver by breathing life into every car that crosses the block. As for your question about prices paid for an auction car based on current printed book values, I want to make sure I don’t leave you with the impression that every top auction car goes for too much money or fails to offer the collector/enthusiast a good value.

I feel many of the televised buyers aren’t buying these cars for investment value. I feel they are spending their money more so on a car they want it in their garage. Most important is this: A collector car’s true value is the price the buyer and seller agree on, period. If a buyer feels the purchase fulfills the reason he/she bought the car, be it joy of ownership or as an investment, then so be it.

My collector car theory does not include the absolute top dollar investment vehicles, like the Harley Earl 1954 Olds Rocket 88 that sold for a then record $3.24 million way back in 2005 at an Arizona Barrett-Jackson extravaganza. Some felt it was way too much while others felt the price was fair. Watching these rare, pristine vehicles sell is an exciting time at any auction.

As for the “normal” top class cars we see on TV auctions, be it a 1968 396-375 Camaro SS/RS or a ’57 Chevy Nomad Wagon, sometimes the prices paid might be higher than one would expect thanks to the excitement of being on television or engaging in a bidding battle with another car lover after the same vehicle. Still, I can’t condemn in any way the final prices as the folks who appear on television sure seem to be having a great time buying their dream cars. As for the price guides, they are just that … a guide. They are not the written end on what to pay.

This leads us to the average car collector hobbyist, who I feel makes up the majority of my readers. Some of us might have one collector car while others might have four or more cars in a garage behind their home. Many are beautiful and near pristine, but most are probably far from the condition of the vehicles that appear on the TV shows. The result is that “average Joe” collectors many times feel their cars are worth more than what they actually are based on what they see at the televised auctions.

This leads us to eBay Motors, where thousands of cars change hands regularly. If you add many of these high-priced collector cars to your eBay account “watch list,” you find many go unsold until the owner lowers the price. I always get a chuckle when I see a 1968 Dodge Charger R/T 440 complete rust bucket listed for $25,000 because it’s number matching. On the reverse side of the coin, there are also some “regular cars” that are worth more than an owner realizes, and when the auction ends they are pleasantly surprised. Make sure you do your homework before you buy or sell online.

As we wind down, there are many great buys I’ve seen on TV. At a recent Mecum Auction show, several nice cars sold for less than expected. One was a 1961 Pontiac Catalina 2-door “liptop” sedan with a 389 V8 and automatic transmission. Final price was just $7,800, which I feel was a steal.

Then, on the other side of the coin was a 1970 “Pro Touring” Dodge Charger creation with lots of performance features and non-original updates. This spectacular Charger went for over $150,000 last year at a Barrett-Jackson auction.

Further, the recent results from the weeklong 2019 February Barrett-Jackson Auction in Scottsdale, Arizona are very impressive. There, 1,800 vehicles crossed the block which resulted in a record $131 million worth of cars sold. Most important? A strong new trend known as Resto-Mods is taking off like a rocket ship and was predicted by Barrett-Jackson owners years ago. A Resto-Mod is an older muscle car professionally rebuilt with all modern conveniences and drivetrains like the 1963 Corvette Resto-Mod that sold for $385,000.

The bottom line is Mecum and Barrett-Jackson auctions have brought thousands of hours of very enjoyable TV viewing to collector car fans while at the same time growing the industry and uncovering new trends. This is a win times three.

Thanks for the question Mike, and, if applicable, happy bidding. Greg Zyla writes weekly for More Content Now and GateHouse Media. Contact him at greg@gregzyla.com or at 303 Roosevelt St., Sayre, PA 18840.

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